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IHH disposes 6.07% stake in Apollo Hospitals

IHH Healthcare Berhad said its indirect wholly owned subsidiary, Integrated (Mauritius) Healthcare Holdings Limited (IMHHL), has on Friday disposed 8.4 million shares of five Indian rupees each of Apollo Hospitals Enterprise Limited.

In a filing to the Singapore Exchange (SGX), IHH said that the 8.4 million shares represent 6.07 per cent of the subscribed and paid-up share capital of Apollo.

The disposal was done via a book building process at a gross price of 1,280 rupees per share amounting to a gross consideration of 10.8 billion rupees (S$228.7 million). The price represents a 3.07 per cent discount to the closing market price of 1,320.55 rupees on March 2.

Post disposal, IMHHL's shareholdings in Apollo has dropped to 4.78 per cent.

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IHH expects to gain about RM312.1 million (S$99.1 million) from the completion of the disposal.

The move is part of an ongoing and regular review of the group's investment portfolio by the board to maximise return to its stakeholders, it said.

"In addition, having acquired Ravindranath GE Medical Associates Private Limited (Global Hospitals) and Continental Hospitals Private Limited group in 2015, IHH Group is consolidating and rationalising its investment to these operating companies in India as its fourth home market," the group added.